A STUDY TO EXAMINE THE IMPACT OF REGULATIONS ON RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS IN FINANCIAL INSTITUTIONS

Abstract

Using quantitative approaches to evaluate their effect on risk across all datasets, this study delves into the history and consequences of a "financial organisations affect risk management along with internal control systems" from a sensemaking perspective. The primary driving force behind the initiative is the need to improve data utilization and strengthen FIAR's ability to assist financial institutions in impacting risk-all decision-making. Researchers thoroughly investigate the design and operation of FIARs throughout their creation since they impact the skills of stakeholders such as educators, administrators, and lawmakers. Researchers evaluate the FIAR's effect on stakeholders' data interpretation and strategic application using a sensemaking approach. Researchers must analyze user behavior and assess the system's ability to help with data-driven insights and informed decision-making if they want to reach this goal. Concurrently, the study uses quantitative approaches to investigate how financial institutions affect the FIAR's risk data sets. One of the most important parts of this project is making sure the data is accurate, complete, and useful. Another part is figuring out how these quantitative assessments can improve financial institutions by changing risk results and policy choices. Measures including data relevance and data dependability, as well as the effect of data-driven choices on pedagogical approaches, are under scrutiny. The results should shed light on how to improve FIAR's development in order to build sensemaking skills and use quantitative approaches in the classroom. The project's end goal is to improve financial institutions that have an effect on risk management results.